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C

GS

Manhattan's office attendance is rebounding, with visits to office buildings rising above the national average. Goldman Sachs Group Inc (GS) and Citigroup Inc (C) have seen significant increases in office visits due to strict return-to-office policies. The trend towards hybrid work is evident, with more employees coming in midweek. Recovery rates vary by neighborhood, influenced by factors like industry and commuting distances. Subway usage is recovering, indicating a return to pre-pandemic commuting patterns. This resurgence has implications for various stakeholders, including local businesses and real estate.

Portfolio Pulse from AJ Fabino

January 03, 2024 | 5:34 pm

BMY

GILD

JNJ

BofA Securities downgraded Bristol-Myers Squibb (BMY) to Neutral from Buy and lowered the price target to $60 from $68 due to concerns over the sales outcomes of recent product launches and revenue growth. Despite the growth of the new product portfolio, no standout product has significantly increased sales projections. The analyst also noted the competitive nature of gene/cell therapy fields, mentioning competitors like Johnson & Johnson (JNJ) and Gilead Sciences (GILD). BMY shares dropped 0.59% to $52.46.

Portfolio Pulse from Vandana Singh

January 03, 2024 | 5:29 pm

GM

General Motors Company (NYSE:GM) is offering a $7,500 incentive on certain electric vehicles (EVs) that no longer qualify for a U.S. government tax credit due to new guidelines. GM expects the Lyriq and Blazer EV to regain eligibility in early 2024 after a sourcing adjustment. Other models like the Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV, and Cadillac OPTIQ will also be eligible for the full incentive post-sourcing change. The Inflation Reduction Act of 2022 requires North American assembly for EV tax credit eligibility, which has reduced the number of qualifying EV models from 43 to 19. GM shares dropped by 2.43% to $35.17.

Portfolio Pulse from Nabaparna Bhattacharya

January 03, 2024 | 5:20 pm

AMD

CRWD

INTC

MSFT

NVDA

PLTR

AI was a major theme in 2023, with companies like Nvidia, Intel, and AMD making significant gains. In 2024, these companies must demonstrate AI's impact on their bottom lines. Nvidia was the S&P 500's top performer in 2023, while Microsoft invested heavily in OpenAI. Analysts see Nvidia and Microsoft as top AI stocks for 2024. Palantir and CrowdStrike, with their government contracts and cybersecurity applications, also saw substantial gains. However, all mentioned stocks are currently down in early 2024, and their future performance hinges on upcoming earnings reports.

Portfolio Pulse from Neil Dennis

January 03, 2024 | 5:20 pm

CELU

Celularity Inc. (NASDAQ:CELU) expects Q4 2023 net sales of $11.4M-$12.1M and FY23 net sales of $22.06M-$22.76M for its biomaterial products and biobanking businesses, indicating triple-digit growth compared to Q4 2022 and 22.7%-26.6% growth for FY23. These figures exclude revenue from research contracts, such as the collaboration with Regeneron. The company highlights the growth as a positive sign amidst the financial challenges in the cellular medicine sector and plans to provide full revenue guidance for 2024 soon.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 5:02 pm

DXCM

Eight analysts have recently updated their ratings on DexCom (NASDAQ:DXCM), with a mix of bullish and bearish sentiments. The average 12-month price target is $126.38, with a high of $150.00 and a low of $100.00, reflecting a slight decrease of 0.6%. Analysts from firms like Raymond James, Piper Sandler, and Wells Fargo have raised their price targets, while JP Morgan and Stifel have lowered theirs. DexCom, a company specializing in continuous glucose monitoring systems, has shown strong revenue growth but faces challenges with profitability and asset utilization. Its market capitalization is above industry average, indicating investor confidence.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 5:00 pm

BLBD

Blue Bird Corporation (NASDAQ:BLBD) shares are trading lower despite the announcement of supplying 23 electric school buses to Carter County Schools in Kentucky. The buses represent a shift towards zero-emission student transportation. The new model features a 196kWh battery, 25% more capacity than previous models, faster charging, reduced weight by 1,000 lbs, and increased seating capacity to 77 passengers. The purchase was supported by a $9.09 million grant from the EPA's Clean School Bus Rebate Program. The EPA plans to offer another $1 billion for clean buses in 2023. BLBD's stock is down 4.19% to $25.21.

Portfolio Pulse from Nabaparna Bhattacharya

January 03, 2024 | 4:58 pm

ENOV

William Blair has initiated coverage on Enovis Corp (NYSE:ENOV), an orthopedics-focused medical technology company. The analyst predicts durable share gains and margin expansion for Enovis, with an 8% market penetration expected in 2024. The Outperform rating is based on ENOV shares trading at 11.7 times the firm's pro forma 2024 EBITDA estimate, which is below the average for the orthopedic and medtech growth groups. The valuation accounts for integration risks from the Lima acquisition but is seen as an attractive entry point. Enovis plans to diversify into spine, sports medicine, and trauma, tapping into a $28 billion market segment. Despite trading slightly lower at $55.39, the company's past successful execution supports the potential for long-term growth.

Portfolio Pulse from Vandana Singh

January 03, 2024 | 4:57 pm

WKSP

Worksport Ltd (NASDAQ:WKSP) has entered into a strategic partnership with NeuronicWorks Inc. to manufacture and assemble the COR battery system for its upcoming Alpha release. The collaboration aims to leverage NeuronicWorks' expertise in high-tech manufacturing to produce the COR system in Canada, integrating both international and domestic parts. Worksport's CEO Steven Rossi highlighted the partnership as a significant step towards launching their SOLIS solar light truck cover and COR battery system. The proximity of both companies in Toronto is expected to enhance synergy and oversight of the manufacturing process.

Portfolio Pulse from Shivani Kumaresan

January 03, 2024 | 4:56 pm

COLL

Collegium Pharmaceutical, Inc. (NASDAQ:COLL) announced its FY24 financial guidance, expecting product revenues of $580 million-$595 million, in line with consensus estimates. Adjusted operating expenses are projected to be $120 million-$125 million, with Adjusted EBITDA of $380 million-$395 million. The company highlighted strong growth in 2023, debt reduction, and a $150 million share repurchase program. Contracts for Xtampza ER and Belbuca were renegotiated, improving profitability and access. Shares rose by 5.91% to $33.08.

Portfolio Pulse from Akanksha Bakshi

January 03, 2024 | 4:39 pm